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Reviving risk capital: The proposal to amend EuVECA and EuSEF [EU Legislation in Progress]

Written by Angelos Delivorias (4th edition),

Capital Concept

© duncanandison / Fotolia

The European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) are collective investment schemes, harmonised at EU level by means of two Regulations: (EU) No 345/2013 (EuVECA) and (EU) No 346/2013 (EuSEF). In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing. To overcome the obstacles identified, it has proposed some measures that − by removing limitations on larger managers managing EuVECA and EuSEF funds, decreasing costs for EuVECA and EuSEF funds, and broadening the range of eligible assets EuVECA funds may invest in − should increase investment into these funds. The Commission’s proposal was extensively amended by the European Parliament and the Council, with regard to – among other things – initial capital requirements for those funds, minimum own funds for the funds’ managers, investor-protection provisions, as well as the powers of the European Securities and Markets Authority (ESMA). Parliament adopted the amended proposal on 14 September 2017. Council adopted the act on 9 October. The final act was published in the Official Journal on 10 November 2017, and comes into force on 1 March 2018.

Interactive PDF

Proposal for a Regulation amending Regulation (EU) No 345/2013 on European venture capital funds (EuVECA) and Regulation (EU) No 346/2013 on European social entrepreneurship funds (EuSEF)
Committee responsible:


Shadow rapporteurs:




Economic and Monetary Affairs (ECON)

Sirpa Pietikäinen (EPP, Finland)

Andrea Cozzolino (S&D, Italy)

Syed Kamall (ECR, UK)

Cora Van Nieuwenhuizen (ALDE, the Netherlands)

Marco Zanni (EFDD, Italy)

COM(2016)0461 14.07.2016, 2016/0221(COD)

Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)

Next steps expected: Regulation 2017/1991

OJ L 293, 10.11.2017, pp. 1-18



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